Atlantic City will seek proposals to see how much it would cost to have a citywide revaluation.
The state has been pushing for the city to reassess properties, which was last done in 2008. It is a requirement before the city can get out from under state oversight.
The city is under fiscal oversight by the Department of Community Affairs’ Local Finance Board.
City Council approved seeking requests for proposals at its meeting Wednesday. The RFPs will be opened Nov. 26, according to the resolution.
This is a first step to see who is interested and what it may cost, Business Administrator Ron Cash said. In 2008, it cost $2 million.
DCA spokeswoman Tammori Petty said the city can’t afford not to do it.
“Failing to move forward with a revaluation will deny residents and businesses assessment reductions that are clearly warranted in light of market changes,” Petty said Tuesday.
She said the cost could be spread over five years, and that the city could apply for Transitional Aid.
The lack of a new revaluation has been mentioned as a problem in the city, especially after this year’s budget brought an increase of just more than 25 cents on the tax rate. The entire amount was traced to $3.7 billion lost in ratables from successful casino tax appeals, city Revenue and Finance Director Michael Stinson said.
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